§ 286y. — Promoting conditions for exchange rate stability.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC286y]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XV--INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION
AND DEVELOPMENT
Sec. 286y. Promoting conditions for exchange rate stability
(a) In order to help assure that the resources provided under
section 286e-1i of this title are used to support pro-growth policies
which will help establish the economic conditions necessary for more
appropriate financial and exchange rate alignment and stability, it is
the sense of Congress that the Secretary of the Treasury shall--
(1) in consultation with the Secretary of State and the United
States Trade Representative, initiate discussions with other
countries regarding the economic dislocations which result from
structural exchange rate imbalances; and
(2) instruct the United States Executive Director of the Fund to
work for adoption of policies in the Fund, both within the framework
of article IV (of the Articles of Agreement of the Fund)
consultations and with respect to the conditions associated with
Fund-supported balance of payments adjustments programs, which
promote conditions contributing to the stability of exchange rates
and avoid the manipulation of exchange rates between major
currencies. Among other initiatives, the Secretary of the Treasury
shall propose strengthening the article IV consultation procedures
of the Fund to attempt to ensure that countries which are
artificially maintaining undervalued or overvalued rates of exchange
agree to adopt market determined exchange rates.
(b) In determining his vote on extensions of assistance to any Fund
borrower, the United States Executive Director of the Fund shall take
into account whether such borrower's policies are consistent with the
requirements of article IV of the Articles of Agreement of the Fund.
(July 31, 1945, ch. 339, Sec. 40, as added Pub. L. 98-181, title VIII,
Sec. 801, Nov. 30, 1983, 97 Stat. 1267.)
